Sellers in Control - QEP Resources
Published on Thursday, 02 August 2012 11:38 Written by TradersHuddle Wire
New York, August 2nd (TradersHuddle.com) - Unusual high volume detected on shares of QEP Resources, Inc. (NYSE:QEP) early in the trading session. The pace in volume of QEP Resources is already above average, with sellers in control, as the stock is 4.53% lower.
QEP Resources, Inc. (NYSE:QEP) is an independent natural gas and oil exploration and production company. QEP is a holding company with three lines of business: gas and oil exploration and production, midstream field services, and energy marketing, which are conducted through three principal subsidiaries. Its subsidiaries acquires, explores for, develops and produces natural gas, oil, and natural gas liquids (NGL);provides midstream field services, including natural gas gathering, processing and treating services for affiliates and third parties, and markets equity and third-party natural gas and oil, provides risk-management services, and owns and operates an underground gas-storage reservoir. QEP Resources is headquartered in Denver, Colorado.
QEP Resources has already traded 2.393 times its 3-month average volume and has calculated support and resistance at $28.03 and $30.49 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.
The overall market index S&P 500 is trading lower by -0.89% from its previous trading close, which means that QEP Resources stock is underperforming the overall market.
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